Canadian Solar Falls as Loss Widens on Lower Panel Prices

March 11 (Bloomberg) -- Canadian Solar Inc., the Ontario-based solar-panel company with manufacturing operations in
China, fell to the lowest in more than two months after
reporting quarterly losses widened 75 percent on declining
prices.

Canadian Solar fell 16 percent to $3.15 at the close in New
York, the lowest since Dec. 18.

The net loss widened to $105 million, or $2.43 a share,
from $59.9 million, or $1.39, a year earlier, the Guelph,
Ontario-based manufacturer said today in a statement. Sales
slipped 38 percent to $295 million.

“The year-over-year decline in gross profit was primarily
due to lower average selling prices,” the company said.

The company shipped 404 megawatts of panels in the fourth
quarter, and expects that to slump as much as 28 percent in the
current quarter to 290 megawatts to 310 megawatts. Shipments in
2012 increased 17 percent from 2011 to 1,543 megawatts.

Canadian Solar is focused on regaining profitability this
year, Chief Executive Officer Shawn Qu, said today on a
conference call with analysts. By avoiding “profitless
growth,” the company wants to “set our path different from
some of our competitors.”

Average prices for solar panels have fallen more than 23
percent industrywide in the past year, according to data
compiled by Bloomberg.